NOLEGEIN Journal of Management Information Systems

eISSN: 2581-6810
Vol. 1: Issue 2
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Deliberating Upon the IFRS Norms and Compliance Issues in

Developing Countries Like India
Anureet Sahi1, *, Sudhanshu Verma2
PhD Scholar , Professor2, Kaziranga University, Koraikhowa, NH-37 Jorhat, Assam, India
1

ABSTRACT
The harmonization of accounting standards is a fast-growing international trend with
International Financial Reporting Standards (IFRS) as the front runner having broad-based
acceptance. The paper seeks to summarize the findings of various studies regarding the
adoption of IFRS by developing countries. It deliberates the reasons for IFRS adoption by these
nations, the issues and challenges of the transition, the economic impact of the process, and the
recommendations by various authors. The paper examines the existing literature for studies on
the ongoing IFRS convergence through Ind AS adoption in India and concludes that there is
paucity of studies with specific reference to India. It recommends further case-based studies on
Indian corporates for analyzing the impact of IFRS convergence on their performance as well
as business perception survey to assess the level of preparedness in the corporate setup for this
transition. In view of the ongoing phased mandatory adoption of Ind AS by Indian corporates,
the paper attempts value addition by highlighting specific areas of concern for Indian
corporates, particularly multinationals listed on foreign stock exchanges. Financial impact on
the companies could have broader ramifications for the Indian economy. The paper seeks to
identify future research areas that may assist the corporates in risk identification and
mitigation strategies for Ind AS transition. This paper is limited in its scope to existing research
on the impact of IFRS on developing countries. It has practical implications for researchers,
accountants, corporates and policy-makers about IFRS convergence in India.

Keywords: accounting standards, economic impact, financial impact, IFRS, Ind AS

*Corresponding Author
E-mail: anureetsahi@gmail.com

INTRODUCTION market value of inputs and production of

Economics has been defined as the science
of optimization of choices under the
constraint of scarcity of factors of
production (like land, labor, capital and
entrepreneur) with the objective to
maximize the utility for people at
minimum opportunity cost. The economic
problem is that, while factors of
production are finite, human requirements
are unlimited. Thus, exercising choice of
utilization of a factor of production results
in the ‘opportunity cost’ of its non-
utilization for alternative uses. The cost of
any goods or services may also be
determined by considering the prevalent
any goods or services that occurs if an
entrepreneur is able to employ the
resources at the least opportunity cost.
Over time, this results into production of
goods and services having the least
opportunity cost. Many times, this leads to
over-exploitation of selected resources and
some under-utilized or idle resources. This
translates the economic problem into one
of making a rational choice to maximize
the benefits while considering the potential
trade-offs to minimize the opportunity
cost. The three fundamental questions of
economics for every society are what to
produce, how to produce and for whom to

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Deliberating Upon the IFRS Norms and Compliance
produce. Markets are the spontaneous tool
of exchange that have arisen historically in
all civilizations and cultures as people find
value in trade. The voluntary exchange of
resources through market trading creates
wealth with prices guiding the terms of the
trade (quantity, quality, time duration, total
value, delivery place, etc.).
Global economics is concerned with the
objective of maximization of utility for the
individuals as well as collective human
society within the constraint of scarcity of
resources. It encompasses the production,
distribution, and consumption of goods
and services across the globe from
producers to consumers.
Global trade is thereby driven by
producers and consumers seeking to
minimize their opportunity cost by making
choices with the highest utility. Cross-
border transactions increase the size and
depth of markets increasing the available
Fig. 1. Growth in Globalization from 1500 to 2011.
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Sahi and Verma
options for both buyers and sellers to
match their different payoffs, preferences
and incentives.
Economic theory propounds that individuals
as well as business entities are rational, i.e.,
they take decisions to maximize their utility
or profits and that decisions are taken at the
margin. This implies that the marginal
benefit of an option should outweigh the
marginal cost for it to be exercised. From an
economic standpoint, investments are the
giving up of present-day utility for a higher
value in the long term. The free flow of
international capital is a natural progression
of lenders seeking lucrative investment
opportunities and borrowers seeking
funding at the cheapest cost. A free and fair
transfer process is an essential pre-requisite
for the growth of trade. Advancements in
technology, travel, communication,
medicine, etc. are shaping the demand and
supply of goods and services across the
globe.
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 NOLEGEIN Journal of Management Information Systems
The advent of digital payment mechanisms
in the global economy in the past few
decades is an enabler for financial capital
markets worldwide as well as cross-border
transactions. These financial transaction
mechanisms serve the cause of free
markets by standardizing the transfer
process, making it fair, transparent,
cheaper and easier to access for retail.
The following graph of world trade
historical data lends credence to the view
that events of significant human progress
are characterized by quantum jumps in
international trade flows (Figure 1). It
depicts the growth in share of international
trade as a percentage of world gross
domestic production (GDP).
The per capita purchasing power parity
(PPP) gross world product (GWP) is
estimated at US$ 127 trillion for 2017, as
reported by the CIA World Factbook.
DEVELOPING ECONOMIES AND
FOREIGN INVESTMENT IN
GLOBAL TRADE
Fiscal year 2019 onwards, the World Bank
has changed its classification of economies
to gross net income (GNI) per capita, the
calculation of which is to be done in
accordance with the World Bank
Atlas method applicable in 2017. The
revised method considers countries with a
GNI per capita of $995 or less as low-
income economies. Countries with GNI
per capita between $996 and $3895 are
deemed as lower middle-income; upper
middle-income economies have this metric
between $3896 and $12,055; while high-
income economies have a calculated GNI
per capita of $12,056 or more.
The World Trade Organization allows
countries to classify themselves as
developing or developed, with the consent
of other members. The United Nations
classifies about 159 countries as
developing for monitoring purposes, even
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though it does not espouse a formal
definition for the term. Even in the absence
of a universally accepted definition and list
of developing nations or emerging market
economies, it is observed that most of these
nations are typically characterized by
higher growth rates since the late 1990s and
lower standards of human development
than those of developed nations.
Importance of FDI and FII in
Developing Economies
The high growth trajectory necessitates
infusion of capital through foreign direct
investment (FDI) and foreign institutional
investment (FII) in these economies apart
from the domestic sources of capital.
Economic growth necessitates the cycling of
funds from savings surplus (e.g., domestic
households) to savings deficit (e.g.,
industry) entities. As the world increasingly
becomes a global village, the matching of
requirements and transfer of funds from
surplus to deficit entities on a global scale
even in real time has become a possibility.
The surplus capital in developed countries is
often powering the growth of emerging
economies through FDI, FII, multinational
subsidiaries, etc., and in return generating
higher returns for the lenders than prevailing
rate of return for capital in the home
countries. The channeling of surplus funds
into economic activity leads to the creation
of further surplus units and thereby drives
economic growth through optimal
utilization of surpluses toward optimization
of deficit or neutral units. Stock exchanges
at New York, London and Tokyo allow
listing of international company’s equity,
bonds and other hybrid instruments, and
international investors can purchase these
instruments denominated in foreign
currency. Global trade of goods, services
and capital is contributing substantially to
the increase of GWP.
Changing Nature of Global Trade and
Financial Transactions
The data indicates that there is change over
time in the fundamental nature of the items
14
Deliberating Upon the IFRS Norms and Compliance
of trade, say changes in percentage trade
share of items such as basic commodities
like food-grains, high-value goods like
electronics, and intangibles like software
service. There appears to be increasing
bilateral trade between nations as
compared to unilateral flows and the share
of emerging economies in percentage of
total trade has increased. Also, it appears
that the developing economies display
greater changes in composition of exported
goods in terms of shift from food-based
exports to higher volumes of other
merchandise and services. Statistics
illustrate the role of factors, viz.,
technological progress, increased human
lifespans on account of medical
advancements, changes in human lifestyle,
and ease of transportation and their impact
on the changes in supply and demand of
goods and services. Global trade flows and
volumes are also influenced by socio-
economic and geopolitical dynamics of
various nations and trading blocs.
Over one-third of global financial
transactions occur across borders and this
number is expected to grow. The Boston
Consulting Group estimated the value of
global payment transactions for 2016 at
USD 420 trillion, i.e., 5.5 times global
GDP. Cross-border financial transactions
are driven by investors seeking lucrative
investment opportunities and
diversification of risk, companies seeking
to raise lower cost capital, undertaking
transactions or having international
operations and subsidiaries in multiple
countries.
ROLE OF ACCOUNTING
STANDARDS IN INTERNATIONAL
TRADE
Accounting is the record-keeping of
transactions in order to assess the gain or
loss and prepare the periodical financial
statements of the business entity to
determine financial performance over time
as well as compare with other entities.
Accounting standards are the codified
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rules pertaining to measurement, treatment
and disclosures of accounting transactions.
They provide the standard nomenclature,
policies and practices to be followed and
disclosures to be made. This
standardization eliminates the subjectivity
in financial statements and increases their
comparability across entities, making the
information useful for investors, regulators
and corporate managements. The book-
keeping of cross-border activities was
historically complicated on account of
compliance requirements of national
accounting standards of different
countries. Investment decisions based on
these financial statements became costlier
and more complex owing to the need to
interpret multiple financial statements filed
in accordance with various compliance and
accounting standards requirements. The
basis for calculating the same figure, say
depreciation or net equity, would be
different under various national accounting
standards; and therefore, the reported
amounts under different standards would
not be easily comparable. The minute
details of various accounting standards
were required to be studied as even minor
variations in requirements could translate
into major impact on a company’s reported
financials – for example, applying one set
of national accounting standards may
result in a company reporting profits as
compared to losses under another.
HARMONIZATION OF
INTERNATIONAL ACCOUNTING
STANDARDS
Global efforts were initiated in the late
1950s toward ‘harmonization’, i.e.,
reducing differences among various sets of
accounting principles in practice across
major capital markets, located primarily in
the European Union. There was an impetus
toward convergence of international
accounting standards as the volume of
global cross-border transactions and
shareholdings increased over time. The
idea of a singular set of high-quality,
globally acceptable accounting standards
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 NOLEGEIN Journal of Management Information Systems
has found widespread support from the
G20 and other major international
organizations, many governments,
business associations, investors and
worldwide members of the accountancy
profession.
The first international standards-setting
body was the International Accounting
Standards Committee (IASC) set up in
1973. In 2001, the International Financial
Reporting Standards (IFRS) Foundation
established the International Accounting
Standards Board (IASB) as an independent
standard setting body of the IFRS. The
IFRS Foundation and the IASB define the
IFRS as standards issued by them so as to
provide a common global language for
business affairs in order that
company accounts are understandable and
comparable across international
boundaries and therefore reliable and
relevant for internal and external users.
The Board develops and maintains IFRS
with the objective of being a set of high-
quality, understandable, enforceable and
globally accepted standards based upon
clearly articulated accounting principles.
The Board is not empowered with any
authority, whatsoever, to ensure the
compliance with the prescribed standards.
Entities that comply with IFRS voluntarily,
or in compliance with requirements of a
particular jurisdiction, must comply with
all of the individual IFRS and IFRS
Interpretations (Interpretations) issued by
the Board. The standards generally contain
principles and accompanying application
guidance, both of which are mandatory
and carry equal weight.
Economic efficiency requires informed
decision-making by investors and other
market participants. The information
asymmetry between firms and external
capital providers and overall lack of
transparency in the system are factors
contributing to suboptimal financing and
funding decisions by market players.
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These also give rise to opportunity for
unethical gains by insider trading,
information trading, etc., as evidenced by
the number of cases like Enron and
Harshad Mehta in the history of stock
markets worldwide. Thus, it is fair to infer
that increased information symmetry in
markets on a global scale would support
reduced number of instances of moral
hazard as well as minimize costs due to
mis-selection of projects for funding on
account of lack of information.
Availability of financial information that is
of high quality and internationally
comparable would go a long way in
improving the symmetric dissemination of
information to all market players and
thereby enhanced economic efficiency
through optimal capital rationing and
utilization.
Impact of IFRS Adoption on Foreign
Investment Inflows
Inconsistency in financial reporting
between national and international
standards may lead to time lags between
public dissemination and interpretation of
the financial results by international
investors and thereby reduce their interest.
Akpomi et al. [1] tested a sample of 48
African countries in using the fixed-effect
model for regression to identify impact of
IFRS adoption on the flow of FDIs. They
concluded that that there was enough
evidence to support the hypothesis that
IFRS adoption has a positive effect on the
flow of FDIs. The study also identified
expected increases in comparability of
financial reporting, improvement in
regulatory quality, and reduced
information asymmetries as well as foreign
investors’ cost as incentives for IFRS
compliance. The results were supported by
the existence of positive co-relation
between IFRS adoption and increased FDI,
and that it is more visible in countries with
lower quality of financial information and
hence by, regulatory quality prior to IFRS
adoption.
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Deliberating Upon the IFRS Norms and Compliance
Singleton-Green [2] examined more than
200 research papers on “the impact of
mandatory IFRS adoption in the EU”. It
was deduced from the research that IFRS
adoption affects positively the quality of
financial reporting and its international
comparability, market liquidity, cross-
border flows, cost of funds (capital) and
economic efficiency of corporate
investments. It was also observed that the
results varied across a spectrum depending
on the company selected for research and
the applicable operating countries. The
impacts of IFRS adoption and that of
improved regulatory enforcement appeared
to be overlapping and could not be
segregated in a quantitative manner and so
the magnitude of impact of IFRS adoption
could not be determined in quantitative
terms.
M´arquez-Ramos [3] analyzed the impact
of IFRS adoption on macro-economics of
countries in the European Union using
gravity framework. The results support the
positive impact of accounting
harmonization on trade and FDI, with
greater benefits observed in transition
economies. Also, the paper states that the
results vary across countries on account of
their behavioral variation in aversion to
unfamiliarity.
Kapellas & Siougle [4] examined the
impact of IFRS adoption worldwide on
investment assets, FDIs, mergers and
acquisitions (cross-border investments), and
ownership by foreign mutual funds (FIIs).
The researchers found evidence to support
the view that there is a positive correlation
between IFRS adoption and investment
efficiencies, firm-level capital efficiency,
demand for equities by institutional
investors, and foreign equity portfolio
investments (FDIs). The results of the study
also inferred the positive impact of IFRS
adoption on accountability in financial
reporting through increases in quality and
volume of financial disclosures, the greater
comparability of financial statements with
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global peers, reduction in transaction costs
that were previously incurred by global
investors for understanding the financial
statements and thereby increased FDI flows
between countries. They also noted that
IFRS adoption leads to the reduction in
information asymmetry between foreign
investors and domestic investors, and this
contributes to better results for global IPOs
as compared to domestic IPOs, thus leading
to positive impact on IPO underpricing. The
study also noted that regulators around the
world are also benefitted by availability of
globally comparable information.
IFRS can contribute to economic efficiency
and capital allocation. The implementation
of a single accounting language would
reduce the cost of international reporting.
This would enable the comparison of
sources of funding internationally, thereby
lowering the cost of capital. Investors
would be able to use the comparable data to
identify opportunities and risks across the
world. Results of a study by Lungu,
Caraiani, & Dascalu [5] on the impact of
IFRS adoption on FDI conducted on
Eastern European countries indicated that
the benefit of higher FDI inflows is likely
to accrue to IFRS adopting countries as
compared to non-adopters. Further, it also
concluded that the listed companies are
likely to benefit more as compared to non-
listed companies. Gordon, Loeb, & Zhu [6]
concluded that there is statistically
significant positive association between
IFRS adoption and enhanced FDI inflows
for developing countries, while the same
could not be observed for developed
countries.
Studies undertaken by the IFRS Foundation
have documented benefits of IFRS adoption
for some companies such as a lower cost of
capital, ease of a common standard in
internal reporting, improved ability to
compare operating units in different
jurisdictions, reduction in number of
reporting systems, and flexibility to move
staff with IFRS experience around the
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 NOLEGEIN Journal of Management Information Systems
organization. Other studies reportedly cited
increased investment in jurisdictions
adopting IFRS.
In respect of Japanese firms, voluntary
IFRS adoption has been allowed since
2010. The Japanese Financial Services
Agency conducted a study on the key
factors accounting for the high proportion
of Japanese companies choosing to
voluntarily adopt IFRS. The study stated
that the factors most often cited by these
companies as driving IFRS adoption were
increased efficiency in business, greater
comparability with international standards,
and better understanding by overseas
investors.
Global Trend in IFRS Adoption and
Convergence
The IFRS are being adopted worldwide by
countries in various versions ranging from
the original issued by the IASB; IFRS as
issued by the European Union or a variant
locally adopted to converge the national
standards with IFRS (notably India). In
some countries, the adoption is mandatory
while elsewhere it is optional. There are
also countries, notably the United States,
that support the IFRS usage by subsidiaries
of foreign companies operating in the
United States but require reporting for
domestic companies under US GAAP.
With backing from the SEC, the
International Organization of Securities
Commissions (IOSC), and the IASB, IFRS
may soon be a mandatory requirement for
businesses in every country. Over 12,000
companies in more than 100 countries
have complied with IFRS norms. The
report, ‘International Standards: 2017
Global Status Report’, published by
International Federation of Accountants
[7], (IFAC), on the results of a survey
conducted on its 104-member countries
concludes that 58% have adopted IFRS,
32% have done partial adoption, and 10%
have not adopted IFRS.
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A report on IFRS adoption by country
published by PricewaterhouseCoopers
LLP states that, in 2017, 89% of countries
with stock exchanges required or permitted
listed companies to adopt a version of
IFRS. It is surmised that, in the foreseeable
future, increased worldwide IFRS adoption
is likely to drive convergence of the
various forms of IFRS currently in practice
toward a common unified IFRS.
The Ministry of Corporate Affairs (MCA),
Government of India, notified the
Companies (Indian Accounting Standards
[Ind AS]) Rules, 2015, on 16 February
2015. The Ind AS are applicable by certain
dates to certain classes of company’s
contingent on the respective firm meeting
the criteria laid down in the Act. As
notified by The Ministry of Corporate
Affairs on 25 February 2011, the Ind AS
are to be implemented in a phased manner
(Phases 1, 2 and 3) and are to be
converged with IFRS. In their prevalent
form, the Ind AS are divergent from IFRS
on various aspects.
ISSUES IN ADOPTING IFRS
CONVERGENCE
Transitioning to IFRS does not come
without cost and effort. The transition
entails changes to the systems and
practices in reporting companies. The
users of financial information say investors
will need to understand how the
information under IFRS is different from
the previous regime. Securities regulators
and accounting professionals will also
have to change their processes.
The foremost obstacle to IFRS
convergence is the incremental cost related
to switching, training and education of
accounting professionals, setting up
organizational accounting controls, and
underlying hardware and software
infrastructure for companies. Hester [8]
estimated that the switch from US GAAP
to IFRS could cost US investors five
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Deliberating Upon the IFRS Norms and Compliance
trillion dollars on account of the costs as
well as the resulting loss of market
capitalizations as companies pass on the
switching costs to investors through fall in
income and share price. Governments,
accounting professionals and regulatory
bodies would also incur initial switching
costs. Reduced earnings and market
valuations in the transitional phase could
diminish investor confidence.
Lack of investor, academic, finance
professional, auditor education in
interpreting financial statements under
IFRS is cited by Rezaee et al. [9] as one of
the greatest obstacles to IFRS convergence.
Alali and Cao [10] deliberated on the
vulnerability of the IFRS to external
pressures from its voluntary contributors,
as the IASB does not have an independent
and guaranteed source of funds.
IFRS ADOPTION IN DEVELOPING
COUNTRIES
Zehri and Abdelbaki [11] conducted an
empirical study on historical data of 74
developing countries (DCs) for period till
2008 to identify the key reasons for their
adoption of IFRS. High economic growth
rates, superior standards of education and a
legal system based on common law were
concluded as the key common aspects.
Further, the study also suggested that the
IFRS transition process, infrastructure
requirements, phasing and other modalities
for developing countries would differ from
those of developed countries.
Thompson [12] examined the issues and
challenges for developing countries in
adopting IFRS and concluded that IFRS
modified to suit each country can provide
the most value at minimum costs under
conditions of appropriate implementation
and continual improvements thereon. The
study stated that benefits would outweigh
the costs in a scenario of effective and
efficient implementation. Enabling factors
were identified as surrounding
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infrastructure, legislation, education and
assistance from international bodies. The
author recommended a gradual phased
implementation with ample
communication to all stakeholders and
continuous monitoring. The study also
underlined the need for developing
countries to have a voice in IFRS setting.
Gingrich and Kratz [13] studied survey
data from the World Economic Forum’s
Global Competitiveness Report to assess
business leaders’ perceptions of the
accounting and financial environments
post mandatory adoption of IFRS in eight
developing countries across Latin
America, Africa and Asia. The study found
mostly positive impact in the accounting
environment for three survey variables in
eight countries. The authors inferred that
the results indicate the essentiality of
tightening auditing and enforcement
mechanisms in a developing economy for
deriving positive impact from IFRS
adoption. They also attributed the disparate
results of the study to be likely caused by
heterogeneous enforcement mechanisms
and cultural influences on financial
statement preparation. The study
concludes that there is insufficient
evidence to support the theory that
developing countries yet to fully adopt
IFRS should postpone or roll back IFRS
adoption.
Surianti and Yadianti [14] tested sample
financial data of manufacturing companies
listed on the Indonesian Stock Exchange to
examine whether IFRS adoption leads to
improvement of information quality and
thereby lower cost of equity capital. The
study tested secondary data and time series
using path analysis. It concluded that there
was no evidence to support positive impact
of IFRS adoption on the quality of
information and cost of equity capital. The
researchers recommended greater
incentives from regulators and policy-
makers to market participants along with
stricter enforcement of rules in order to
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 NOLEGEIN Journal of Management Information Systems
improve information symmetry and pricing
in the Indonesian capital market.
Odia and Ogiedu [15] examined the issues
and challenges for Nigeria and other
adopters of IFRS. They noted that IFRS
are gaining popularity on account of the
perceived ‘network effects’ and identified
some of the key issues for successful
adoption. The authors concluded that
effective implementation is contingent on
public education, awareness, resource
mobilization for training, communications
systems, corporate governance controls,
strong accounting institutional framework,
independent oversight body, support from
accounting bodies and implementation in a
gradual way.
Lasmin [16] examined the macro-level
effects of IFRS adoption in developing
countries and concluded that the results do
not support positive relation between IFRS
adoption and higher volumes of
international trade and investments. The
paper attributes this to differences between
socio-economic and political-economic
environments of developing and developed
countries. It suggests that apart from
adopting IFRS, developing countries
should do capacity building in areas of
effective corporate governance practices,
internal control mechanisms, robust
auditing practices, and strict enforcement
and oversight mechanisms.
Fino [17] analyzed the applicability of
IFRS in developing countries and the
impact of accounting systems on the
economic growth. The paper states that the
adoption process is dependent more on the
ability of governments and regulatory
bodies to impose and enforce the standards
as compared to their applicability. The
author concluded that a long transitional
period is required for the adoption of IFRS
in a developing country in order to have
enough fully trained accounting
professionals.
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FINDINGS
A substantial part of the existing literature
surveyed on IFRS adoption in developing
countries dwells on the reasons for
adoption by these countries. Mixed results
are reported on whether IFRS adoption
leads to positive impacts on the economic
growth of adopting countries. Some
researchers have even taken the view that
IFRS adoption is a trend being imposed by
developed countries. A substantial portion
of existing research focuses on the impact
of IFRS adoption on two parameters, viz.,
quality of accounting information and cost
of equity capital, as a proxy for economic
impact on the adopting country. There is
no unanimity in consensus regarding
positive economic impact post adoption of
IFRS. However, the general view is that
IFRS convergence as a global trend is
inevitable, though it will entail challenges
in the form of increased short-term costs,
requirement of increased infrastructure,
regulatory framework changes, greater
compliance oversight and investment in
manpower training. The researchers
generally recommend IFRS adoption with
some caveats for a smooth transition to
IFRS adoption with minimal costs and
disruptions to the economy.
Some studies also focus on country-wise
issues and challenges for IFRS adoption.
The common areas of recommendations
relate to training of accounting professionals,
effective corporate governance practices,
internal control mechanisms, robust auditing
practices, and strict enforcement and
oversight mechanisms.
The literature survey did not reveal many
deliberations on IFRS adoption in India,
particularly about Indian multinationals
operating overseas and that are also listed
on foreign stock exchanges. This appeared
to be a gap in the existing literature and
further study in this area could add
valuable insight for the ongoing IFRS
convergence in India from corporate,
20
Deliberating Upon the IFRS Norms and Compliance
auditing, government, regulatory and
policy-makers’ perspectives.
CONCLUSIONS
The results of various studies appear to
conclude that the benefits of IFRS adoption
outweigh the costs, even though the
modalities of adoption need to be
customized for each economic jurisdiction.
Further in-depth analysis is required to
assess business perception toward IFRS
adoption in India in terms of level of
preparedness, critical factors for successful
adoption and the expected benefits.
Quantitative analysis of financial results of
key Indian corporates who have undertaken
mandatory compliance with Ind AS would
also be beneficial for assessing the potential
impact on Indian economy post IFRS
convergence in the country.
REFERENCES
[1] Akpomi ME, Nnadi, M. (2017). The
Impact of International Financial
Reporting Standards (IFRS) Adoption
on Foreign Direct Investments (FDI):
Evidence from Africa and
Implications for Managers of
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